The student loan industry is a complex machine, so it can be a bit of a minefield to find accurate information or advice on student loan repayment. Luckily for our readers, we like to make things simple and ensure they are well informed. Thus, in this article, we are going to take a little dive into Cornerstone, a student loan servicer in the United States.
Let’s first define what a servicer is. A student loan servicer is a company that handles the billing and other services on your student loan. They help with facilitating repayment and they often offer advice on what moves should be taken under certain scenarios. As an accredited servicer, Cornerstone has put an emphasis on individual borrowers and offers tailored solutions that ignore the ‘one size fits all’ mantra that has become ever so common in the student loan industry.
Cornerstone is a company that works with all consumers, but it has put an emphasis on ex-service members and those looking for loan forgiveness. The company details loan consolidation options that are accredited by the Department of Education among other information. Note: if you want to consolidate private student loans, you will have to do so with a private lender.
But is Cornerstone the best option for you?
How Does Cornerstone Serve Its Customers?
Cornerstone has been in the industry for over 35 years, etching its way into the student loan landscape of today. Known for its personalized approach to clients, Cornerstone continues to offer a variety of options for borrowers, but it focuses on three main pillars with its customers:
Interest Rate Reduction
When you sign up with Cornerstone and set up automatic payments, your interest rate should be dropped by 0.25 percent. This may not seem like a lot, but for those paying out their loan for a longer period, the yearly savings slowly add up.
Benefits for Armed Forces Members
Cornerstone has been trusted by members from all four branches of the military for years, and their commitment to vets and active duty service men and woman is truly amazing. Here are just a few of the offers they provide their military clients: SCRA Interest Rate Cap of 6 percent while in active duty status, military service deferment, public service loan forgiveness, zero percent interest when deployed to a hazardous area, income-based repayment plans, Department of Defense loan repayment options, and access to the HEROES Act waiver.
Student Loan Forgiveness
Cornerstone works with their customers to find student loan forgiveness options that work. This can include people working to qualify for forgiveness programs relevant to occupations in public service for a non-profit organization or government as well as teaching and other professions.
Cornerstone is one of the premier student loan servicers and is a great option for those looking for an accredited company to work with. As a federal loan servicer, Cornerstone is accredited by the Department of Education and will be able to work with you to ensure your student loan is paid on your terms.